5Dimes Launches In Isle Of Man, Needed Step For Possible US Expansion
Nearly six months after shutting down its U.S. operations as an offshore sports betting market, 5Dimes announced Wednesday it launched online sports wagering and casino gaming in the Isle of Man, a regulated market that could open a path to potential re-entry into the legal sports betting and casino gaming markets in the United States.
The license awarded by the Isle of Man Gambling Supervision Commission allows 5Dimes to establish international operations — excluding the United States market — to conduct legal gaming in multiple jurisdictions.
“This licensure is an exciting milestone for the 5Dimes brand,” said Laura Varela, Member of 5Dimes Sportsbook’s Board of Directors, in a statement. “The Isle of Man is a Tier-1 jurisdiction, known for its advanced approach to gambling and e-gaming legislation and its exceptional reputation in the international gaming community. The Isle of Man sets high standards for its gaming operators and players, and we look forward to upholding the same level of principles and innovation with the launch of 5Dimes.”
5Dimes’ ability to obtain a gaming license was made possible after Varela reached a settlement with the U.S. Department of Justice in September to forfeit $46.8 million in exchange for the Department of Justice not pursuing criminal or civil charges against Varela and 5Dimes for any crimes committed prior to Sept. 30, 2020.
Could entry into the United States be in the offering?
Outside the United States, obtaining a license that allows international operations gives 5Dimes the platform to re-establish itself. While 5Dimes is incorporated in the U.S. as 5D Americas LLC in Delaware, a path to being an online operator there is anything but assured.
“This undertaking in the Isle of Man is a first step towards relaunching the 5Dimes brand in all legalized jurisdictions around the world,” Varela added. “We are excited to welcome back many of our loyal customers to our top-of-the-line gaming experience while keeping our eyes set on future expansion opportunities in additional legal and regulated markets in the near future.”
The expansion of sports betting on a state-by-state basis across the U.S., which now has 19 states and the District of Columbia offering legal wagering since the Supreme Court struck down PASPA in May 2018, has lessened the impact of unregulated offshore markets that offer sports wagering.
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